A South Carolina assistant U.S. attorney said the number of mortgage fraud cases in the state has grown, due in part to the state's hot housing market, the Myrtle Beach, S.C., Sun News reported. Kevin McDonald, an assistant U.S. attorney in Columbia, S.C., told the Sun News the number of mortgage fraud cases he's seen has grown in recent years. Last year, McDonald successfully prosecuted 21 individuals in the Greenville, S.C., area who took part in a fraud scheme in which appraisers, mortgage brokers, attorneys and loan officers falsified mortgage documents and inflated the value of the property they were selling, reports said. The sentences in those cases ranged from three years of probation to 20 months in federal prison, and those charged were ordered to pay more than $3.5 million ...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.